Astoria, Sterling merge

Sterling Bancorp has completed its merger with Astoria Financial, leaving Sterling as the remaining entity.

Montebello, N.Y.-based Sterling said the deal “leverages Astoria’s strong presence on Long Island and complements Sterling’s expansion strategy in the greater New York City market.”

The combined institution, which will operate as Sterling National Bank, has $30 billion in assets, $20 billion in loans and $19 billion in deposits, serving Long Island, New York City, Westchester, the Hudson Valley and northern New Jersey.

“The completion of this transaction brings the best of Sterling and Astoria together,” Sterling CEO Jack Kopnisky said.

Astoria CEO Monte Redman said the merger will create a “stronger institution for our shareholders as well as providing our clients with enhanced products and services tailored to their needs.”

Each share of Astoria stock is being converted into 0.875 shares of Sterling stock with cash paid in lieu of fractional shares.

RBC Capital Markets and Citi served as lead financial advisors to Sterling and rendered fairness opinions to the Board of Directors connection with the transaction. Squire Patton Boggs acted as Sterling’s legal counsel.

Sandler O’Neill & Partners served as financial advisor to Astoria and rendered a fairness opinion to the Board of Directors, while Wachtell, Lipton, Rosen & Katz acted as Astoria’s legal counsel.